Technical Analysis Free Forex Signals BTC/USD Forex Signal BTC/USD Forex Signal Wednesday, 5 December 2018 12:08 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals could have produced a losing long trade following the bullish price action rejecting the support level identified at $3,886. Today’s BTC/USD Signals Risk 0.75% per trade. Trades must be entered before 5pm Tokyo time today only. Long Trades Long entry after a bullish price action reversal on the H1 time frame following the next touch of $3,700 or $3,338. Place the stop loss 1 pip below the local swing low. Adjust the stop loss to break even once the trade is $200 in profit by price. Take off 50% of the position as profit when the trade is $200 in profit by price and leave the remainder of the position to run. Short Trades Short entry after a bearish price action reversal on the H1 time frame following the next touch of $3,925, $4,055, or $4,374. Place the stop loss 1 pip above the local swing high. Adjust the stop loss to break even once the trade is $200 in profit by price. Take off 50% of the position as profit when the trade is $200 in profit by price and leave the remainder of the position to run. The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels. BTC/USD Analysis I wrote yesterday that there was new support at $3,886 but the picture was still long and medium-term bearish. The descending trend line shown in the price chart below was quite confluent with the horizontal resistance at $4,055 so I thought this might produce a key bearish turn if reached. I was correct to see the bears as in control as the price has continued to descend, with a former support level breaking down. The price is now in a bearish wedge and continues to make new lows. I think it makes sense to remain broadly bearish as long as the price remains below $4,000. A sustained break below $3,700 would be a very bearish sign. There is nothing important due today concerning the USD. Currency Pairs BTC/USD Adam Lemon Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.